Fresno Housing Market August 2023
August 8, 2023 -By Marco Santarelli
The housing market in Fresno and the Central Valley region of California has been a topic of interest for buyers, sellers, and real estate agents. Understanding the latest trends and changes in the market can provide valuable insights for those involved in the real estate industry. In this article, we will delve deeper into the current state of the housing market in Fresno and the Central Valley region and explore the factors driving these changes. The valley encompasses all or parts of 19 California counties including Fresno.
Central Valley Housing Market Trends
This analysis sheds light on the median sold prices of existing single-family homes and sales metrics, providing a deep understanding of the region's real estate dynamics. According to the California Association of Realtors (CAR) report, the median sold price for existing single-family homes in the Central Valley is a pivotal indicator of the market's health and trajectory. The data reveals that as of June 2023, the median sold price stands at $480,000. This figure marks a slight decline from the previous month's median sold price of $485,000, indicating a 1.0% month-to-month change. Furthermore, in comparison to the median sold price of $500,000 recorded in June 2022, there has been a 4.0% year-over-year decrease. The report continues to unveil crucial sales metrics that provide insight into Central Valley's housing market vitality. For June 2023, the report highlights a 2.4% decrease in sales activity compared to the previous month. Notably, when juxtaposed with June 2022's sales figure the report underscores a substantial year-over-year decrease of 22.9%.
Fresno Housing Market Trends
Fresno is the fifth-most populous city in California and the county seat of Fresno County. The city is located in the San Joaquin Valley, about 200 miles southeast of San Francisco. Fresno is known for its agriculture, hot weather, and diverse population. The Fresno housing market is currently in a buyer's market. The median home price in Fresno is $375,000, which is down 2.6% from last year. Homes are staying on the market for an average of 12 days, which is up from 9 days last year. There were 357 homes sold in June 2023, down from 472 last year.
House Prices and Sales Trends
According to data by Redfin, in June 2023, the median sale price of a home in Fresno stood at $375,000. This figure reflects a 2.6% decrease compared to the previous year's prices. This dip in prices might be a result of various factors, such as changes in demand, economic conditions, and the overall real estate landscape. It's important to note that these fluctuations are common in the housing market and can be influenced by both local and global events. Competitive Nature of the Market Fresno's housing market is undoubtedly competitive, with homes typically receiving multiple offers. The Redfin Compete Score™, which rates competitiveness on a scale of 0 to 100, is an impressive indicator of the market's vigor. This score, calculated over the last three months, emphasizes Fresno's competitiveness, with many homes receiving multiple offers, some with waived contingencies. On average, homes go pending in around 12 days, which showcases the urgency and demand within the market.
As of August 2023, the average rent for a 1-bedroom apartment in Fresno, CA is currently $1,315. This is a 15% decrease compared to the previous year. Over the past month, the average rent for a studio apartment in Fresno decreased by -7% to $995. The average rent for a 1-bedroom apartment increased by 1% to $1,315, and the average rent for a 2-bedroom apartment increased by 6% to $1,600. The average rent for a 2-bedroom apartment in Fresno, CA is currently $1,600, down 9% compared to the previous year.